China’s e-com revenue closer to Indian GDP; India added 150 million new users in last one month

China’s e commerce revenues at US$ 2.8 trillion have almost become equivalent to the Indian GDP but India is on the spree of adding new e-commerce users with 150 million new users added in the last one month. “China’s e commerce revenues have raced ahead of the rest of the world generating $ 2.8 trillion sales in a year. It is important for companies to instill confidence in Indians who were still skeptical to use online mode of payment,” Rajiv Kumar, principal secretary, department of information technology & electronics, government of West Bengal said at a CII organised e commerce conclave.

Dipankar Chakraborti, executive director and chief data controller officer, PriceWaterhouseCoopers, said India added 150 million new e commerce users in the last one month and 50% of Internet users have started shopping online. The recent rise in digital literacy has led to an influx of investment in e commerce firms. E commerce has levelled the market for new players to set up their base, opined Vinaya Varma, managing director & CEO, mjunction. Aniruddha Banerjee, senior Vice President and chief sales officer of Spencer retail was of the view that most start ups in India were tech start ups but they happen to be retailers. Digital first launch have been enabling new and smaller players to barge into the bigger spaces at one go.

According to Ambareesh Murty, Co-founder & CEO, Pepperfry, businesses will have to embrace the metaverse as an opportunity to expand their brands. There has been a paradigm shift in the entire gamut of customer purchase and experience and the shift for the internet was underway.  Big brands from a variety of industries were dipping their toes into the metaverse and Indian companies should prepare for the same. It was imperative to achieve omnichannel excellence and focus on value creation, Murty said.

Dharmarajan K, chief business officer, Beauty, Tata Cliq, said, e commerce has brought about a market integration in terms of content and commerce and also in terms of online and offline as well. Digital adaptation in malls are huge. Even in the malls itself 50% of the customers are going by digital adaptations, Banerjee said adding online and offline have become supplementary to each other.

from The Financial Express https://bit.ly/3sErY9d
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